Tax calculator: See how Jeremy Hunt’s spring Budget will affect you

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Jeremy Hunt has unveiled an additional 2 per cent lower to nationwide insurance coverage in his 2024 Budget, because the chancellor seeks to entice voters forward of this yr’s common election.

Combined with final autumn’s equivalent nationwide insurance coverage lower, Mr Hunt claims the two tax giveaways will go away the typical employee £900 higher off.

Other measures to assist those that had been introduced on Wednesday embrace an extension of the Household Support Fund and an increase within the earnings threshold for youngster profit, from £50,000 to £60,000.

But economists have warned that the nationwide insurance coverage discount will nonetheless plunge hundreds of households into poverty, with practically half of the £10.4bn giveaway set to finish up within the pockets of the richest 20 per cent of households.

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The New Economics Foundation had warned {that a} 1p lower alone would push greater than 55,000 folks into relative poverty, whereas it stated Mr Hunt might as a substitute have lifted 384,000 folks out of poverty if he had chosen to place the identical quantity into boosting common credit score.

The Independent’s Budget calculator, created by tax advisory agency Blick Rothenberg, under will assist you to find out whether or not you are higher or worse off following Wednesday’s assertion.

Enter just a few particulars akin to how a lot you earn, whether or not you are single, if you in a pair or have a household to see how your funds will be impacted.